Current News

by Timothy McQuiston, Vermont Business Magazine David G Bergh, EdD will take the helm of Vermont State University (VTSU) as the next interim president following the planned departure of current chief executive Michael K Smith. The Board of Trustees of the Vermont State Colleges System announced Dr Bergh’s appointment today, following a special meeting. Dr Bergh will lead Vermont State University as interim president, building on the transformative work done by his predecessors to unify Vermont State University and increase the availability of affordable, accessible, high-quality, and relevant public higher education across Vermont. Dr Bergh brings over 25 years of higher education experience to this role, including nearly 20 years of experience from within the Vermont State Colleges System. 

Vermont Business Magazine The U.S. Department of Defense (DoD) has awarded GlobalFoundries (Nasdaq: GFS) a new 10-year contract for a supply of securely manufactured, US-made semiconductors for use across a wide range of critical aerospace and defense applications. GF has a major chip plant in Essex Junction, Vermont. With an initial award of $17.3 million this month and an overall 10-year spending ceiling of $3.1 billion, the new contract provides the DoD and its contractors with access to GF’s semiconductor technologies manufactured at its U.S. facilities. 

Vermont Business Magazine The Agency of Natural Resources is announcing its tenth State and Local Government Municipal Day. The day-long event is hosted by the Agency of Natural Resources in partnership with the Agency of Agriculture, Agency of Transportation, Vermont Emergency Management, Vermont Center for Geographic Information, and the Natural Resource Board, and is dedicated to the education of municipal officials on a variety of state programs and resources. Municipal Day will take place on October 20, 2023, at National Life from 7:30am-3:45pm.

Vermont State Police The man accused of shooting two people, killing one man and seriously injuring another, has been extradited to Vermont and is scheduled to face a judge Friday, Sept. 22, 2023. Devon Dennis, 43, of Hartford, Connecticut, was brought back to Vermont on Thursday by uniformed troopers from the Vermont State Police Field Force Division. Upon his return to Vermont, Dennis was processed and ordered jailed without bail pending arraignment, scheduled for 12:30 p.m. Friday in the Criminal Division of Vermont Superior Court in Chelsea.

Vermont Business Magazine Kinney Drugs, a 100% employee-owned community pharmacy chain in New York and Vermont, invites members of the public to attend its 120th Birthday Celebration from 10AM to 2PM in all locations. In Montpelier, the company will also be celebrating its grand reopening. Montpelier was heavily damaged July 9-10 in historic flooding – causing a near-total loss. After approximately ten weeks of intense salvage, clean-up, and reconstruction efforts, Kinney’s Montpelier pharmacy is ready for a “soft opening” Monday, September 25th. The grand reopening will be celebrated September 30th to coincide with Kinney’s 120th anniversary.

 Vermont Business Magazine In a Joint Economic Committee hearing this week, Senator Peter Welch (D-VT) called for strengthening public-private partnerships to support job training and apprenticeship opportunities in the green energy sector. “We need to get more folks trained—including in the trades. There is some money in the Inflation Reduction Act to train on energy efficiency. That was something quite important to a lot of us, but especially to me,” said Sen. Welch. “There’s an issue here about getting people who could have a really good, well-paying career, that gave them the option of staying where they live,” during the hearing.”

Vermont Business Magazine Today, Representative Becca Balint (D-VT) and Rep. Jill Tokuda (HI-02) introduced the Addressing Addiction After Disasters Act. Following a summer of climate emergencies across the country, including in Vermont and Hawaii, Americans are suffering the cost. While the physical damage is clear, disaster-stricken communities need resources to cope with the mental and emotional damage they endure. Current Federal Emergency Management Agency (FEMA) grants are authorized to provide professional counseling services to victims of major disasters through the Crisis Counseling Assistance and Training Program (CCATP). 

Vermont Business Magazine The Point to Point, powered by VSECU, is a cycling event to raise funds and awareness for the Vermont Foodbank and support their mission to fight hunger in Vermont. VSECU, and the Vermont Foodbank will host the full event in person with hundreds of riders starting and ending at the State House Lawn in Montpelier. Since the inaugural Point to Point in 1981, this beloved and iconic event has raised over $2.2 million to fight hunger in Vermont. The event has helped to provide more than 3.6 million meals to Vermont neighbors facing hunger. 

Vermont Business Magazine Camp Ta-Kum-Ta, KOOL 105, and the Vermont Lake Monsters have teamed up to present the second annual Ta-Kum-Ta Softball-a-thon at Centennial Field on September 23rd. This all-day event includes hours of softball, infinite innings, and free family fun, all to support local families impacted by childhood cancer. This is not your average softball tournament. Participants sign up to play for as many of the endless potential innings as they would like. All skill levels are welcome. Players can sign up as individuals or as a team and get to take advantage of a once in a lifetime opportunity to play at the Lake Monsters’ Centennial Field while supporting a great cause.

Agency of Commerce and Community Development To get more money to flood damaged organizations, the state is increasing Business Emergency Gap Assistance Program (BEGAP) awards for most recipients, and the change will be retroactive. The previous BEGAP formula awarded most grantees 20% of their net uncovered damages (damages less insurance proceeds, donations, or other grants) with a cap of $20,000.  This shift in the program would allow up to 30% of net uncovered damages and remove the $20,000 cap. For businesses that suffered more than $1 million in damages, they would be eligible for 20% of net uncovered damages with a $500,000 cap.

Vermont Business Magazine Mavic, French manufacturer of innovative bicycle wheels and equipment, has opened an office in the cycling-rich community of Waterbury, Vermont. The facility will support sales and service in North America. Mavic will focus on reconnecting historic and past accounts as well as new customers to re-establish a robust IBD and OE network. With support from the newly established Mavic Service Center in Waterbury, the company will be able to provide a full spectrum of support to dealers, partners, and riders throughout North America. The team is fully operational with a complete sales and service staff eager to connect with customers. The company will initially focus on wheels with plans to offer the complete Mavic line of products in the near future.

Vermont Business Magazine tru Independence, a $10.5 billion and growing national independent advisory platform for investment professionals, today announced its partnership with 44 North Capital, supporting the Vermont-based wirehouse breakaway. 44 North is a financial planning, wealth management and investment firm based in Burlington. The addition of 44 North to tru’s community of advisors marks the fifth team tru has partnered with year to date, totaling $2.1 billion. 44 North's selection of tru was significantly influenced by the firm's Experience As a Service (EAS) platform. The innovation of a platform focused on behavioral finance, fintech, and human talent was a differentiator for the team and, not only to elevate the client experience but also to drive growth.